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Entry, Competition, and Terms of Credit in Early American Banking

In: Research in Economic History

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  • Ta-Chen Wang

Abstract

This paper examines the effect of bank expansion on credit access and terms of credit in early America. The bank records from Plymouth Bank, Massachusetts and the Census records provide detailed information on borrowers, endorser, types and terms of loans, and borrower characteristics. The results show that the introduction of new banks did broaden credit access. However, after competition was introduced, the Bank focused more on short-term bills of exchange. In other words, the Bank shifted its emphasis from long-term accommodation paper to short-term bills of exchange.

Suggested Citation

  • Ta-Chen Wang, 2016. "Entry, Competition, and Terms of Credit in Early American Banking," Research in Economic History, in: Research in Economic History, volume 32, pages 363-386, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rehizz:s0363-326820160000032006
    DOI: 10.1108/S0363-326820160000032006
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    More about this item

    Keywords

    Banking; financial history; bills of exchange; N21; G21;
    All these keywords.

    JEL classification:

    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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